No. There is neither a transcript nor a video nor an audio of John Cochrane's 2008 CRISP Forum keynote at the Gleacher Center. It appears to have been deep-sixed. All we have of it appears to be Cochrane’s declaration—made at a time when the share of the U.S. labor force in construction was below its long-run average and had been below its long-run average for fifteen months—that: “we should have a recession. People who spend their lives pounding nails in Nevada need something else to do.” No recognition at all that the structural-adjustment climb-down from the housing boom had already taken place. No recognition that structural adjustment takes place by pulling people into high-value jobs, not by pushing them out of low-value jobs into zero-value non-jobs. No recognition at all...
It's too late! Chicago may have reformed, but its legacy will be with us for several generations. The business school is now at the center of the modern university, with the economics department a prestige satellite. At least the physicists who preceded them were indulgent to the humanists, if not quite comprehending.
Yes. The Booth Business School is, interestingly, both more and less ideological than the Economics Department was in the old days, in interesting ways...
It's too late! Chicago may have reformed, but its legacy will be with us for several generations. The business school is now at the center of the modern university, with the economics department a prestige satellite. At least the physicists who preceded them were indulgent to the humanists, if not quite comprehending.
Yes. The Booth Business School is, interestingly, both more and less ideological than the Economics Department was in the old days, in interesting ways...